The co-founder and former CEO of BitMEX, one of the leading cryptocurrency exchanges, announced that he is rebalancing his portfolio in favor of the leading smart contract platform Ethereum (ETH).
In a recent article, Arthur Hayes said that unlike the leading cryptocurrency Bitcoin (BTC), Ethereum is not a cryptocurrency that can be used as money, but rather an asset of the largest decentralized network on the planet.
“Ethereum is not money but a commodity that powers the world’s largest decentralized computer… The Ethereum community has clearly decided that ETH is not a pure monetary tool but a commodity used to power this computer.”
Hayes reported that at the beginning of 2022, his portfolio was split evenly between Bitcoin and Ethereum. However, he explained that he is reshaping his crypto portfolio to hold 25% BTC and 75% ETH as Bitcoin currently does nothing in the face of economic turmoil.
“As the global real fizis are extremely negative, I would like to have an asset in its currency with positive returns – and right now this is ETH. Bitcoin does not earn anything. Therefore, in terms of pure interest rate spread, I should have more ETH than Bitcoin.”
The famous executive later stated that he expects Ethereum to outperform its competitors such as Solana (SOL), Avalanche (AVAX), Terra (LUNA), Cardano (ADA) and Polkadot (DOT).
“I expect ETH to significantly outperform any layer-1 chain that builds a narrative that it is ‘faster and cheaper’ than Ethereum.”
Hayes then predicted that ETH could reach a five-digit price tag:
“I believe ETH will be trading north of $10,000 by the end of the year when things settle down.”
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